Wager Mage
Wager Mage
Photo: Greta Hoffman
According to lottery officials, most winners opt for the lump sum, or the “cash option.” In the case of the next Powerball jackpot of $526 million, that amount would be $284 million. It's a staggering pile of money, to be sure, but, hold on, it's not what you would pocket following your win. 1 day ago
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Read More »The Powerball lottery jackpot now sits at $526 million after no one won Monday’s drawing. While the thought of mansions, yachts and private airplanes is surely tempting, with the taxes a lottery winner has to pay, the amount you end up with may not cover the lifestyle you imagine. Powerball allows the grand prize winner to decide how he or she wants to get the money — either by choosing an annuity where the jackpot is paid out over a 30-year period or by taking it in a lump sum. According to lottery officials, most winners opt for the lump sum, or the “cash option.” In the case of the next Powerball jackpot of $526 million, that amount would be $284 million. It’s a staggering pile of money, to be sure, but, hold on, it’s not what you would pocket following your win. The federal government and all but a few state governments will have their hands out for a bit of your prize. The top federal tax rate is 37% for income over $500,000. When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal government takes 24% of the winnings off the top. But the payments don’t end there. You will owe the rest of the tax — the difference between 24% and 37% — at tax time next year. So, let’s say you decide to take the cash option when you win the Powerball jackpot. If the jackpot remains at $526 million for the next drawing, and the cash option is $284 million then here is how it will go. The federal government will immediately take $68,160,000 from that cash option (24%). Remember, the rest of your federal tax bill comes next year and will cost you another $36,882,955. So, when you take the cash option, you will end up with $178,957,045 after federal taxes.
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